China says rejecting physical cash is illegal amid e-payments popularity

[fiulpro]

This is something that is understandable offcourse.
The only decision of China that I agree with , physical cash is very important , you cannot just take your cards everywhere with you even when you are going in street spree .
This is really helpful for the people who are old , or the young kids who doesn't really have any connections to the e market.
It's a harsh truth but we are taking away their freedom doing this * doing everything online *
This is good what they did.

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[sirohige]

I think China sees a very good opportunity from the existence of digital currencies such as cryptocurrency, they are the people of China always give appreciation and full support when there is new technology created so that it has become natural if the country of China began to do that.

[poodle63]

This is something that is understandable offcourse.
The only decision of China that I agree with , physical cash is very important , you cannot just take your cards everywhere with you even when you are going in street spree .
This is really helpful for the people who are old , or the young kids who doesn't really have any connections to the e market.
It's a harsh truth but we are taking away their freedom doing this * doing everything online *
This is good what they did.

But this time it looks like most the people are using the e payment system. My brother is 10 years old and he has already used e payment system. That depends on the environment itself. Cash is really important to be used in our daily transaction but that remember with the development of technology there will be a possibility to pay anything without the fees. I rarely used physical cash and always used a digital payment system to pay anything. It's good while at the same time it doesnt seem good too.

[dominos]

I think China sees a very good opportunity from the existence of digital currencies such as cryptocurrency, they are the people of China always give appreciation and full support when there is new technology created so that it has become natural if the country of China began to do that.

But they (Chinese government) are only giving support for the projects build by Chinese people and projects which are going to have R&D in China or China focused and here is the problem.

[b3llsf1l3s]

This is something that is understandable offcourse.
The only decision of China that I agree with , physical cash is very important , you cannot just take your cards everywhere with you even when you are going in street spree .
This is really helpful for the people who are old , or the young kids who doesn't really have any connections to the e market.
It's a harsh truth but we are taking away their freedom doing this * doing everything online *
This is good what they did.

With the current conditions, many non-cash payments do not mean cash payments must be written off / rejected. Both of these can now be alternative ways of being mutually beneficial. Isn't it with the current internet era, newspapers are still published every day ?

[Kiweikoo]

And what's makes you think that it is best for electronic payment to replace the cash we have been making use of for a very long time? If that's what you think then you're wrong. Electronic payment must not replace cash and I am in support of that. Yes electronic payment is good and it makes transactions, but cash is still important and in some cases you're still going to need cash.

We should really be making use of our senses a lot of times in this. And I know that some dumb people are in support of electronics payment replacing cash because they think that bitcoin will become our currency, lol. That's never going to happen even in their next life. Let us be true to ourselves,  everything has its important, sometimes you hardly know about the importance of something until it is gone.

[prtty2gal2]

I think the decision is reasonable. National currency should be accepted whatever its form. China's government in this case is very protecting their citizens rights. Spirit to become cash less society is not meant that we pretend that cash money ignorance is right thing.

There is no cashless policy that can even gain full implementation, how can one impose a technology that cannot even be understood by illiterates or people that knows nothing or little about technology, before epayment can really become fully operational, it means the issue of illiteracy that has consumed a lot of citizens worldwide and depriving them of technology benefits must be sorted out first.

If that can be sorted out, then we can think if gradually replacing cash system with a cashless policy using cryptocurrency which I believe will still be the best means of transacting business over the internet.

[Snaic]

This is a very wise reminder of the Chinese government. Some are so enthusiastic about cryptocurrency that they consider it a panacea for all economic and financial issues. Far from it. The old system of financial relations has been formed for thousands of years and it will be a great folly to destroy it and this may entail irreversible negative consequences.
The national currency must continue to exist. This is a prerequisite for the existence of the state itself.

[iv4n]

First that this article is not about crypto at all, its about e-payments, from their banks. It`s funny that years ago some merchants didn`t accept any kind of cards, just cash, now we have a time when some stores don`t accept cash just cards.
It would be even more funny if they have merchants that accepts only crypto and nothing else. That would be a great story to read about.
Anyway you can see how some society is making a progress by this article, first cash no cards, now cards no cash, tomorrow no cards just crypto! I`m looking forward to see that news!

[Ozero]

It really is. The economy of any state will develop faster if there is a large turnover of both cash and non-cash national money. The Chinese government is very concerned about the state of its financial system and does not trust the decentralized cryptocurrency. Therefore, they are looking for their own way of using it. In this regard, China has always stood apart from other states.

[Tylev]

Of course, we should not refuse old means of payment, including cash. They should occupy their niche in the common financial system and work together from their relatively new types, such as electronic payments and cryptocurrency. It should be remembered that electronic payments and cryptocurrency are almost entirely dependent on the availability of the Internet and various technical devices, which can sometimes malfunction and simply may not always be nearby. And not all people due to various objective and subjective reasons will be able to use these technical devices. All new payment systems must pass a lengthy test of time.

[Vishnu.Reang]

It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!!

[AjithBtc]

It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!!

Almost every country have gone cashless, China being one among the country that went digital earlier than other countries now standing against cashless ecosystem and moving back to physical currency seems a different thinking. Already alipay and most of the services use their own native applications for Payments. Maybe this could've affected their economy. This could've been the reason for the decision of China.

[carlfebz2]

It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!!

Almost every country have gone cashless, China being one among the country that went digital earlier than other countries now standing against cashless ecosystem and moving back to physical currency seems a different thinking. Already alipay and most of the services use their own native applications for Payments. Maybe this could've affected their economy. This could've been the reason for the decision of China.

You know China do really make out some back and forth into their decisions.This isnt only the case where they do act odd on their decision.They do prohibit or
oppose on such thing but come to think that they are the ones who mainly switch up into that new system and now they are talking against it?
What kind of thinking they do had? lol

[lixer]

It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!!

First and foremost, based on what is said in the article, it was never stated that it has against law not to use physical cash, they only say that it is against law to reject it, it means no matter the electronic payment, when someone has cash as alternative, it would be illegal for the receiver to reject it because the country still recognizes it too, but that does not mean they don’t support e payment, in many countries, they might also have their policy that no one can reject physical cash.

They have their own alipay and them also planning right now to introduce their own cryptocurrency, so what it all that for if they are really going the opposite direction, I don’t really think that they are. For cash, what is anonymous about the use of cash mate. Please explain that better here.

[Pab]

Tell people in Germany that they can use only electronic money.You will see so much negative answer.Wealthy people in Russia have suitcases of euro and dollars under his bed
Electronic money means spying and electronic money are stored in banks accounts
People more and more do not trust banks.That is biggest bitcoin advantage of bitcoin that person is owner of his own money
At least in Europe you can find a lot of placesi where you can pay only in cash
I am living in Europe.Banking here is night mare and very often  i can't withdrawn money from ATM because something doesn't work

[bryant.coleman]

It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!!

Almost every country have gone cashless, China being one among the country that went digital earlier than other countries now standing against cashless ecosystem and moving back to physical currency seems a different thinking. Already alipay and most of the services use their own native applications for Payments. Maybe this could've affected their economy. This could've been the reason for the decision of China.

I don't think that digital payments can have a negative effect on the economy. From what I have heard, those who don't have digital payment options (especially the elderly) were facing a lot of issues, as some of the stores and vendors were refusing to accept physical cash (currently many of the digital payment options do have attractive promotional offers for both the merchants and the clients). There is no other reason for the government to discourage them, given the fact that almost all of these payment processors are based in China.

Countries such as India are currently encouraging digital transactions, as most of the unaccounted money is being held in physical cash. The anonymity offered by banknotes is a major headache to governments in third world nations, including India. They have even introduced threshold limit, above which an individual won't be able to do the transaction in physical cash. And as per reports, any transaction above $3,000 needs to be done through the digital methods.

[lumierre]

It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!!

They lie. Whatever the government of China can say, there is a proved information that this country with the largest number of people living there ( and many of them are extremely intelligent and have a great education) is launching their crypto. It will be something like a digital national currency. As it is said, 7 ot even 8 well-known world companies will support new crypto.

[davinchi]

The biggest reason why china doesn't want to move to cashless society is that it could result in two things ; one if you go too digital than people may start to use crypto and other digital currencies that are not owned or controlled by China and as a country that is basically full on dictatorship it is not possible to let people have their own economical freedom, government has to take a look at everyone's finances and peoples money is basically governments money whenever they want to, remember this is a huge country but also fascistically controlled like 1984 type situation.

Secondly, if digital cashless society gets too big than people could pay Chinese crypto instead of dollars and that might have a bit of trouble, moving crypto out of country is harder than moving dollars because dollar is accepted all around the world whereas crypto doesn't have that adoption rate yet.

[MonsterV]

This is something that is understandable offcourse.
The only decision of China that I agree with , physical cash is very important , you cannot just take your cards everywhere with you even when you are going in street spree .
This is really helpful for the people who are old , or the young kids who doesn't really have any connections to the e market.
It's a harsh truth but we are taking away their freedom doing this * doing everything online *
This is good what they did.

But this time it looks like most the people are using the e payment system. My brother is 10 years old and he has already used e payment system. That depends on the environment itself. Cash is really important to be used in our daily transaction but that remember with the development of technology there will be a possibility to pay anything without the fees. I rarely used physical cash and always used a digital payment system to pay anything. It's good while at the same time it doesnt seem good too.

That's because your government and environment fully support digital payments. Everyone transacts from store to store, if everyone who owns a business does not play an active role in developing digital payments, then it's useless for government to support new generation. Digital payments are more developed in developed countries, because on average these countries compete with other developed countries, so inevitably government must encourage all businesses to switch to digital payments.

But we cannot force everyone to use digital payments, because that is right of each person. Especially people in villages far from the city, most of them are technologically illiterate.